Photoshop :: Getting CS3 Initialization Error?

Successfully installed & activated Photoshop CS3  on a new PC with a fresh Windows 7 Pro 64bit installation, along with Photoshop CS3 10.0.1 & Bridge CS3 2.1.1.9 updates.  Bridge runs fine, but Photoshop returns the following error when attempting to launch the program, "Could not initialize Photoshop because of a program error."  Attempted to resolve by the following steps:

Remove/reinstall CS3 in root directoryRemove/reinstall CS3Disable TWAIN driverDownloaded & installed latest NVidia video card drivers. 

Noticed the following message in PSErrorLog.txt every time Photoshop CS3 is launched, "2013:10:31 09:41:33 sourcesOWLPanelManager.cpp : 1602 : REQUIRE failed"  Downloaded & installed AdobeOwl.dll for this reason, but without success. 
 
ALM.log prinout indicates that several steps failed, but I do not know whether this is a problem or how it might be resolved:
2013-10-31 09:08:41 [4064] ALM: _info_: ==========================================
2013-10-31 09:08:41 [4064] ALM: _info_: Start ALM 2.1 Release (build 2.1.2.1082)
2013-10-31 09:08:41 [4064] ALM: _info_:      TYPE = 1
2013-10-31 09:08:41 [4064] ALM: _info_:      GUID = License-GUID-Photoshop-CS3-Win

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